Investors of National Property Trust have agreed to change the trust in a Company listed on the stock exchange. Almost 99% of voters had approved this proposal, which was presented in the yearly meeting of the Trust. The proposal has also offered internalization of the management.
The second and final stage of the approval is scheduled for 25 November, 2010.
The management is planning to put the changes into effect from 1 April 2011.
Northington Partners has also supported the offer of the Company and said that unit holder would largely benefit from this change.
"We expect that the internalization of the management function will improve the returns to unit holders and also create a singular focus of interest”, said Jim Sherwin, the Independent Chairman of the National Property Trust Limited.
In another development, investors of the National Property Trust have chosen Brian Kreft as the Independent Manager of the Trust.
Trust’s website, www. npt. co. nz has all the detailed speeches of the management to the investors.
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